A lot of the time when you hear about a merger, it is clear that it is really just one company eating another and you never hear of the company that has been overshadowed again.
There are, however, successful mergers and business deals that leave both businesses in a better position and are able to bring a profit to everybody involved.
However, in order to have a business deal that goes along these lines, there are some basic facets of the deal that both you and the business that you are merging with have to follow. If they are followed, the success of the business deal is virtually guaranteed.
In "The 6 Secrets of a Lasting Relationship: How to Fall in Love Again... and Stay There" and "'Just Listen' Discover the Secret to Getting Through to Absolutely Anyone" both by Mark Goulston, M.D, he reviews the secrets to great deals.
1. Empathy: Realizing what another person does for you in any situation and what they are going through is absolutely key to any relationship. Empathy is a two way street, and both your business and the one that you are merging with or making a deal with have to realize what the other is giving up and the work they are putting into the deal.
When you do this, you will have a harder time treating the other business poorly and vice versa, ensuring that you will have a healthier relationship between the two of you.
2. Chemistry: In order for a business deal to be successful in the long term, there has to be a chemistry between the two companies. This means that your business and the one that you are making a deal with will be able to work well together in the long run.
3. Trust: Though this could have very easily been the number one thing on the list, its place as third does not mean that it is any less important than empathy. In fact, trust is an essential element of empathy. If you cannot trust the business that you are entering into a deal with, then you should avoid the deal until you can make that work or in general.
If the business that you are entering into a deal with does not trust yours, then you need to work on fixing that part of the relationship before you sign all of the documents, otherwise, you are liable to be in a business deal where your efforts are undermined, as well as your successes.
4. Respect: This means that you have to stick to what you say you are going to do, and maybe even go above and beyond for the business that you have entered into a deal with. Respect is an important part of interpersonal relationships, as well as relationships between businesses, and it should be held up as paramount among the actions that will lead to having a successful business deal.
You would think that this would be classified as common courtesy, but nowadays, things that were previously labeled as "common" have become less so.
5. Acceptance: No business deal should be conducted under resentful circumstances. You should be 100% accepting of the business that you are making a deal with. If you are not, how can you expect to be successful in the long term? Any business deal where there is some hold back regarding the other party is doomed to fail.
If you cannot accept a merger or someone else having a hand in your business dealings, then you need to hold off on trying to strike a deal in the first place.
6. Enjoyment: Last but not least, you should be finding a company that you enjoy working with. Choose one whose CEOs hold similar values to yours and whose operations and mission is similar to yours. These kinds of partnerships will always work out better than those that are done for purely financial reasons. Do not let the possibility of that company being in a different niche hold you back, either; cross industry deals are some of the most intimidating around because of the powerhouse it makes you for market reach.
As you can see, most of the tenants of a great business deal are the things that make any kind of relationship great. You just really have to treat the other business like you would like to see your business treated and make sure before entering into the deal that they will be willing to reciprocate your actions and see that as necessary to everybody's success.
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